Investor Presentation
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- Amanda Edwards
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1 Investor Presentation Page 1
2 Cautionary Statement Regarding Forward Looking Statements Certain matters discussed in this presentation, including statements regarding growth in the semiconductor device market; capturing new customers; progress and growth in contactor business; gross margin expansion; Opex controls; 2018 year-over-year growth projections; Cohu s third quarter 2018 sales forecast and financial guidance; Cohu s Mid- Term model; and all statements regarding the acquisition of Xcerra (and strategic rationale, expected benefits, synergies, EPS accretion, leverage ratios and closing timeline) are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected or forecasted. Such risks and uncertainties include, but are not limited to, risks associated with acquisitions; inventory, goodwill and other asset write-downs; our ability to convert new products into production on a timely basis and to support product development and meet customer delivery and acceptance requirements for new products; our reliance on third-party contract manufacturers and suppliers; failure to obtain customer acceptance resulting in the inability to recognize revenue and accounts receivable collection problems; revenue recognition impacts due to ASC 606; market demand and adoption of our new products; customer orders may be canceled or delayed; the concentration of our revenues from a limited number of customers; intense competition in the semiconductor equipment industry; our reliance on patents and intellectual property; compliance with U.S. export regulations and new tariffs and retaliation; impacts from the Tax Cuts and Jobs Act of 2017; geopolitical issues; ERP system implementation issues; the seasonal, volatile and unpredictable nature of capital expenditures by semiconductor manufacturers; rapid technological change; and significant risks associated with the Xcerra transaction including but not limited to (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Cohu and Xcerra to consummate the proposed transaction, including as a result of the failure of Cohu to obtain or provide on a timely basis or at all the necessary financing, (iii) the ability of Cohu and Xcerra to integrate their businesses successfully and to achieve anticipated synergies, (iv) the possibility that other anticipated benefits of the proposed transaction will not be realized, (v) pending and potential litigation relating to the proposed transaction that has been or could be instituted against Cohu, Xcerra, or their respective directors, (vi) possible disruptions from the proposed transaction that could harm Cohu s and/or Xcerra s respective businesses, (vii) the ability of Cohu or Xcerra to retain, attract and hire key personnel, (viii) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction, (ix) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Cohu s or Xcerra s financial performance, (x) certain restrictions during the pendency of the proposed transaction that may impact Cohu s or Xcerra s ability to pursue certain business opportunities or strategic transactions, (xi) the adverse impact to Cohu s operating results from interest expense on the financing debt, rising interest rates, and any restrictions on operations related to such debt, and (xii) continued availability of capital and financing and rating agency actions. These and other risks and uncertainties are discussed more fully in Cohu's filings with the Securities and Exchange Commission, including the most recently filed Form 10-K and Form 10-Q, and in the Registration Statement on Form S-4 that has been filed by Cohu with the SEC containing a prospectus with respect to the Cohu common stock to be issued in the proposed Xcerra transaction and a joint proxy statement of Cohu and Xcerra in connection with the proposed transaction that is contained therein. The forward-looking statements included in this presentation are not assurances, and speak only as of the date of this presentation, and Cohu does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances. This presentation includes certain non-gaap financial measures, including non-gaap gross margin, operating expenses, operating income, EBITDA, net income and EPS. These non-gaap measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-gaap financial measures used by Cohu may differ from the non-gaap financial measures used by other companies. A reconciliation of these measures to the most directly comparable U.S. GAAP measure is included in the Appendix to these slides. Page 2
3 Corporate Profile Global technology and market leader in $2 billion * Semiconductor Final Test Handlers, Contactors and Vision Inspection Company NASDAQ Revenue (LTM 2Q18) EBITDA (LTM 2Q18 ** ) Net Cash (2Q18) Employees (Worldwide) COHU $373M 17.1% $151M ~1,750 We create leading-edge solutions for semiconductor test and inspection * VLSI Research and Company estimates ** EBITDA reflects non-gaap Page 3
4 Diversification of Semiconductor Market Drivers No single leading driver, but a diverse growing market Increasing IC content in vehicles, factory automation, mobile devices (phones, AR&VR), servers and exponential increase in connectivity (Internet-of-Things) Technology drivers with growing integration of wafer-level CSPs in complex packages (2.5D 3D) Semiconductor Integration Source: Yole Development All devices in color are WLCSPs Page 4
5 Competitive Differentiation Solutions that result in higher test and inspection yield 1% better yield on $400 billion semiconductor industry = $4 billion Scale Largest R&D (~$45 million) in the industry Global Operations meeting production ramp requirements Sales & Service to support customers 24/7 globally Analog Test Handlers Digital Test Handlers Switzerland Germany Integrated Test Solutions Malaysia Handler Factory Japan Philippines Spring Probe Factory Contactor & Kit Factory San Diego Handler Installed Base ~11,500 Major Operations Sales/Customer Support Page 5
6 Strategy & Execution Yielding Results Revenue ($M) 2nd Half 1st Half 8% Yr-Yr Growth * $353 * $381 Gross Margin ** 41% 42% EBITDA ** 16% 19% Diluted EPS ** $1.54 $270 $282 35% 36% 9% 10% $0.58 $0.68 $ e.2018* H H H18 Momentum in automotive and industrial semiconductor markets Growth in contactors with Kita acquisition Gross margin expansion from Asia manufacturing Opex control while strategically investing for growth * Reflects Company s guidance as provided on August 2, ** Amounts are Non-GAAP and exclude amortization of purchased intangibles, stock based compensation expense, acquisition related costs, manufacturing transition and severance costs. Page 6
7 2Q18 Results & 3Q18 Guidance 2Q18A 3Q18 Guide Sequential Change Sales $99.8M ~$92M -8% Gross Margin* 42.4% ~41.0% -140bps Op. Expenses * $21.0M ~$24.5M +$3.5M 2Q18 Highlights Sales increased 6% YoY with strength in automotive and industrial semiconductor markets Gross margin improved 160 bps YoY Secured 2 new customers in mobility, automotive, industrial, consumer and medical markets Opex benefits from $3M foreign currency gain 3Q18 Guidance Reflects slower demand for smartphone application processor test equipment Expecting 8% YoY sales growth in 2018 Opex reflects absence of Q2 foreign currency benefit of $3M Page 7 * Amounts are Non-GAAP and exclude amortization of purchased intangibles, stock based compensation expense, acquisition related costs, manufacturing transition and severance costs.
8 Accelerating Growth with Acquisitions Strong track record of successful acquisitions Criteria Rasco Dec 2008 Ismeca Jan 2013 Kita Jan 2017 Market Expansion Gravity, Test-in-Strip, MEMS Turret, Inspection, LED Spring Probe Contactor Pending Xcerra Q Automated Test Equipment PCB Test Equipment Market Position #2 in 2008, grew to #1 in 2014 #1, acquired the leader Top 5 leader and growing Top 3 leader in each segment Infrastructure Leverage 100% complementary products; Common sales and customer support 100% complementary products; Common sales and customer support; Malaysia Mfg. and Supply Chain 100% complementary products; Japan Mfg. and Customer Relationships Realized Synergies Sales ~ $16M; Costs ~ $2M Sales ~ $25M; Costs ~$14M Mid-Term Target Sales ~ $16M Acquisition investment criteria Expand into profitable, complementary markets Deliver margin in-line with mid-term financial model Leverage infrastructure: technology, operations, sales and support Complementary products in core test and inspection handlers; strengthens test contactors; expands footprint in Semi growth areas: auto, IoT, industrial, mobility 2-year Cost Synergy Target ~$20M/year Page 8
9 Cohu to Acquire Xcerra Joining Forces in Back-end Semiconductor Equipment Page 9
10 Strategic Rationale Brings Together Complementary Products in Core Test and Inspection Handlers Creates a Stronger Supplier in Test Contactors to Drive Continued Innovation Grows Product Portfolio into Automated Test Equipment (ATE) Expands Footprint in High Growth Semi Areas: Automotive, IoT, Industrial and Mobility Diversifies Revenue Base and Increases TAM to $5 billion * Immediately EPS Accretive; Delivers Over $20 Million ** Annual Cost Synergies within 2 Years Highly Attractive Financials Page 10 * Source: Company estimates ** Synergies exclude approximately $7M of stock-based compensation
11 Companies at a Glance LTM Revenue of $373M (+ 18%) LTM Revenue of $473M (+ 33%) LTM Op. Inc. of $58M (15.6% of sales) LTM Op. Inc. of $76M (16.0% of sales) * * Headquarters: Poway, CA 1,750 Employees Product offerings: Semiconductor test & inspection handlers Test contactors Thermal sub-systems Headquarters: Norwood, MA 1,640 Employees Product offerings: Semi testers and handlers Test contactors PCB testers MEMS test modules PCBA fixture business LTM reflects last twelve months ending June 30, 2018 and April 30, 2018 for Cohu and Xcerra, respectively * Amounts are Non-GAAP and exclude amortization of purchased intangibles, stock based compensation expense, acquisition related costs, restructuring, manufacturing transition and severance costs. See the Appendix to the presentation for a reconciliation of GAAP to Non-GAAP items. Page 11
12 Products Expands Portfolio of Best-in-Class Test Solutions Backend Semiconductor Manufacturing PCB Manufacturing Semiconductor Equipment Pick-and-Place Handlers Gravity-feed Handlers Test-in-strip Handlers Turret Handlers Automated Test Eqmt. Enabling Technologies Test Contactors Probe Pins Thermal Subsystems MEMS Test Modules Vision Modules Bare Board PCB Test Flying Probe Testers Universal Grid Testers PCBA Fixture Services Page 12
13 Complementary Products in Core Test Handlers End-Markets High Speed Memory Computing Automotive Mobility x8-32 Pick-andplace x4 Gravity Turret Pick-and-place x8 Gravity Communications MEMS Industrial Solid State Lighting (LED MEMS Test-in-strip InMEMS Well-Established in Major Applications Page 13
14 Creates a Stronger Supplier in Test Contactors 16% 8% 9% 10% 11% 11% 5% 3% Johnstech International Cohu Yokowo ISC Technology Leeno Industrial Xcerra Smiths Interconnect Cohu + Xcerra Source: VLSI Research Established Suppliers with Complementary Products and Technologies Page 14
15 Grows Portfolio in Automated Test Equipment Automotive Cell Phone Baseband, Transceiver Set Top Box Sensor / MEMS Flat Panel Display Driver Power Management 5G Diamond x Touch Controller Connectivity: PAN, WIFI, Bluetooth, GPS MCU Xcerra ATE Product Growth Up Over 50% in 2017 Compared to Industry Growth of 13% PAx Page 15
16 Pro Forma Revenue Mix Pro Forma 3% 3% 7% 6% 7.0% 17% 6.0% 15% 12% 37% 38% 12.0% 33% 37.0% 38.0% 50% 35% 45% Source: Company estimates IoT applications are distributed across Automotive, Industrial and Mobility markets Page 16 Auto & Industrial Mobility Consumer Computing Solid state lighting Leadership in Automotive, Industrial, IoT and Mobility
17 Expands Footprint in High-Growth Semi End-Markets ($ in billions) Automotive Industrial Consumer & Mobility IoT (Internet of Things) $39 CAGR: 11% $53 $41 CAGR: 10% $55 $41 CAGR: 5% $48 CAGR: 26% $34 $ Source: Gartner Page 17
18 Diversifies Revenue Base and Increases TAM to $5B $2.7B $0.2B PCB Test $5B $0.9B $0.7B Contactors $0.5B Inspection Semi Automated Test Equipment PF TAM Handlers The Combination Creates a Global Leader, Offering Complete Solutions in Semiconductor Back-end Manufacturing Equipment Source: Company estimates Page 18
19 Sample Pro-forma P&L Combined revenue of ~$846 million Delivers over $20M annual run-rate cost synergies within 24 months of closing Immediately EPS accretive Creates significant shareholder value (2) Pro-forma Combined incl. ($ in millions except EPS) LTM LTM adjust. (3) synergies Revenue $373 $473 $846 Gross Margin (1) $156 $221 $7 $ % 46.7% 45.4% 48% Operating Expenses (1) $98 $146 -$13 $230 Operating Income (1) $58 $76 $20 $ % 16.0% 18.2% EBITDA (1) $64 $81 $20 (2) $ % 17.2% 19.5% 22% Interest & Other Expense -$1 $1 $19 $20 Pre-Tax Income $59 $74 $1 $134 Income Taxes $9 $10 $0 $20 Net Income (1) $50 $64 $1 $115 EPS (1) $1.69 $2.71 Accretion 60% Diluted Shares (in millions) (4) 42 Mid-term Cohu Model (1) (1) LTM reflects last twelve months ending June 30, 2018 and April 30, 2018 for Cohu and Xcerra, respectively. Amounts are Non-GAAP and exclude amortization of purchased intangibles, stock based compensation expense, acquisition related costs, restructuring, manufacturing transition and severance costs. See the Appendix to the presentation for a reconciliation of GAAP to Non-GAAP items. Mid-term means over 3-5 years (2) Synergies exclude approximately $7M of stock-based compensation (3) Pro-forma adjustments assume $20M of cost synergies with approximately 1/3 COGS and 2/3 Opex; annual interest expense of approximately 5.0% on $350M term loan B; interest income and interest expense from pre-deal debt assumed to be zero (4) Assumes $296M of equity from Cohu at $23.35 per share (closing price on May 7, 2018) Page 19 Source: Company filings
20 Transaction Overview Transaction Consideration Xcerra per share Consideration Sources of Financing Approval Process Expected Timeline $796 million total consideration (1) Approximately 65% cash and 35% stock Xcerra shareholders expected to own ~30% of combined company $13.92 per share implied value (1) $9.00 per share in cash Cohu shares $183 million cash from combined balance sheets $350 million fully committed 7-year term loan B Leverage ratio of 1.5x net; 2.5x gross Pro-forma capitalization: Total debt $362M, Cash (2) $147M, Net Debt (2) $215M On August 30, 2018, Cohu and Xcerra Shareholders approved proposals related to the acquisition All regulatory clearances have been received Close transaction in early 4Q 2018, subject to shareholder approvals and customary closing conditions (1) As of May 7, 2018 Page 20 (2) Pro forma Cash and Net debt are computed using the June 30, 2018 and April 30, 2018 Balance Sheets of Cohu and Xcerra, respectively
21 Page 21 Appendix
22 GAAP to Non-GAAP Reconciliation 12 Months Ending 12 Months Ending 12 Months Ending 6 Months Ending 12 Months Ending Earnings Reconciliation Dec 26, Diluted Dec 31, Diluted Dec 30, Diluted June 30, Diluted June 30, Diluted 2015 EPS 2016 EPS 2017 EPS 2018 EPS 2018 EPS Income (Loss) From Continuing Operations - GAAP $5,792 $0.22 $3,260 $0.12 $33,121 $1.15 $ 19,770 $0.67 $35,420 $1.18 Share Based Compensation 6, , , , $7, Amortization of Purchased Intangible Assets 7, , , , $4, Manufacturing Transition and Severance Costs , $ Other Acquisition Costs , , $4, Inventory Step-Up , $ Impairment of Goodwill and Other Assets $ Gain on Sale of Facility (3,198) (0.12) $ Reduction of Indemnification Receivable , $1, Adjustment to Contingent Consideration , $1, U.S. Tax Reform (2,022) (0.07) ($2,022) (0.06) Tax Effect of Non-GAAP Adjustments (1,961) (0.07) (2,408) (0.09) (2,776) (0.10) (806) (0.03) ($2,719) (0.09) Income From Continuing Operations - Non-GAAP $15,663 $0.58 $18,760 $0.68 $44,410 $1.54 $29,335 $0.99 $50,077 $1.69 Weighted Average Shares - GAAP and Non-GAAP Diluted 26,788 Diluted 27,480 Diluted 28,916 Diluted 29,591 Diluted 29, Months Ending 12 Months Ending 12 Months Ending 6 Months Ending 12 Months Ending Gross Profit Reconciliation Dec 26, % of Net Dec 31, % of Net Dec 30, % of Net June 30, % of Net June 30, % of Net 2015 Sales 2016 Sales 2017 Sales 2018 Sales 2018 Sales Net Sales $269,654 $282,084 $352,704 $ 194,967 $372,708 Gross Profit - GAAP 89, % 94, % 140, % 81, % $152, % Share Based Compensation % % % % $ % Amortization of Purchased Intangible Assets 5, % 5, % 2, % 1, % $2, % Inventory Step-Up 0 0.0% 0 0.0% 1, % 0 0.0% $ % Gross Profit - Non-GAAP $95, % $100, % $145, % $82, % $156, % 12 Months Ending 12 Months Ending 3 Months Ending 6 Months Ending 12 Months Ending Operating Expense Reconciliation Dec 26, % of Net Dec 31, % of Net Dec 30, % of Net June 30, % of Net June 30, % of Net 2015 Sales 2016 Sales 2017 Sales 2018 Sales 2018 Sales Operating Expense - GAAP $84, % $89, % $26, % $ 57, % $113, % Share Based Compensation (6,189) -2.3% (6,745) -2.4% (1,737) -0.5% (3,334) -1.7% ($6,646) -1.8% Amortization of Purchased Intangible Assets (1,612) -0.6% (1,732) -0.6% (403) -0.1% (778) -0.4% ($1,551) -0.4% Manufacturing Transition and Severance Costs (970) -0.4% (1,423) -0.5% (7) 0.0% (87) 0.0% ($144) 0.0% Other Acquisition Costs 0 0.0% (1,777) -0.6% (85) 0.0% (4,144) -2.1% ($4,271) -1.1% Adjustment to Contingent Consideration 0 0.0% 0 0.0% (668) -0.2% (430) -0.2% ($1,853) -0.5% Operating Expense - Non-GAAP $75, % $76, % $23, % $48, % $97, % 12 Months Ending 12 Months Ending 12 Months Ending 6 Months Ending 12 Months Ending Adjusted EBITDA Reconciliation Dec 26, % of Net Dec 31, % of Net Dec 30, % of Net June 30, % of Net June 30, % of Net 2015 Sales 2016 Sales 2017 Sales 2018 Sales 2018 Sales Income From Operations - GAAP $7, % $5, % $34, % $23, % $38, % Depreciation Expense 4, % 3, % 4, % 2, % $5, % Amortization of Purchased Intangible Assets 7, % 6, % 4, % 2, % $4, % Share Based Compensation 6, % 7, % 7, % 3, % $7, % Manufacturing Transition and Severance Costs % 1, % % % $ % Other Acquisition Costs 0 0.0% 1, % % 4, % $4, % Inventory Step-Up 0 0.0% 0 0.0% 1, % 0 0.0% $ % Reduction of Indemnification Receivable 0 0.0% % 1, % 0 0.0% $1, % Adjustment to Contingent Consideration 0 0.0% 0 0.0% 1, % % $1, % Adjusted EBITDA - Non-GAAP $24, % $27, % $55, % $36, % $63, % 3 Months Ending Earnings Reconciliation June 30, Diluted 2018 EPS Income (Loss) From Continuing Operations - GAAP $ 11, Share Based Compensation 1, Amortization of Purchased Intangible Assets 1, Manufacturing Transition and Severance Costs Other Acquisition Costs 3, Adjustment to Contingent Consideration Tax Effect of Non-GAAP Adjustments (305) (0.01) Income From Continuing Operations - Non-GAAP $18,835 $0.64 Weighted Average Shares - GAAP and Non-GAAP Diluted 29,651 3 Months Ending Gross Profit Reconciliation June 30, % of Net 2018 Sales Net Sales $ 99,817 Gross Profit - GAAP 41, % Share Based Compensation % Amortization of Purchased Intangible Assets % Inventory Step-Up 0 0.0% Gross Profit - Non-GAAP $42, % 3 Months Ending Operating Expense Reconciliation June 30, % of Net 2018 Sales Operating Expense - GAAP $ 27, % Share Based Compensation (1,786) -1.8% Amortization of Purchased Intangible Assets (380) -0.4% Manufacturing Transition and Severance Costs (100) -0.1% Other Acquisition Costs (3,848) -3.9% Adjustment to Contingent Consideration (577) -0.6% Operating Expense - Non-GAAP $21, % Page 22
23 GAAP to Non-GAAP Reconciliation 12 Months Ending Earnings Reconciliation April 30, Diluted 2018 EPS Net Income Attributable to Xcerra - GAAP $49, Share Based Compensation 7, Amortization of Purchased Intangible Assets Other Acquisition Costs 3, Acceleration of debt financing costs Restructuring and Related Provisions 1, Asset Impairment U.S. Tax Reform Tax Effect of Non-GAAP Adjustments Net Income Attributable to Xcerra - Non-GAAP $63,924 $1.15 Weighted Average Shares - GAAP and Non-GAAP Diluted 55, Months Ending Gross Profit Reconciliation April 30, % of Net 2018 Sales Net Sales $473,205 Gross Profit - GAAP 220, % Share Based Compensation % Restructuring and Related Provisions % Gross Profit - Non-GAAP $221, % 12 Months Ending Operating Expense Reconciliation April 30, % of Net 2018 Sales Operating Expense - GAAP $158, % Share Based Compensation (7,565) -1.6% Amortization of Purchased Intangible Assets (582) -0.1% Other Acquisition Costs (3,190) -0.7% Restructuring and Related Provisions (1,000) -0.2% Asset Impairment (144) 0.0% Operating Expense - Non-GAAP $145, % 12 Months Ending Operating Income and EBITDA Reconciliation April 30, % of Net 2018 Sales Income From Operations - GAAP $62, % Share Based Compensation 7, % Amortization of Purchased Intangible Assets % Other Acquisition Costs 3, % Restructuring and Related Provisions 1, % Asset Impairment % Income From Operations - Non-GAAP 75, % Depreciation Expense 5, % EBITDA - Non-GAAP $81, % Page 23
24 Participants in the Solicitation; Additional Information No Offer or Solicitation: This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Participants in the Solicitation: Cohu, Xcerra, certain of their respective directors, executive officers, members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, and a description of their direct and indirect interests in the proposed transaction, which may differ from the interests of Cohu stockholders or Xcerra stockholders generally, is set forth in the Joint Proxy Statement/Prospectus filed with the SEC. Information concerning Cohu s directors and executive officers and their beneficial ownership of Cohu s common stock is set forth in Cohu s Registration Statement on Form S-4, its annual proxy statement on Schedule 14A filed with the SEC on April 3, 2018, and in its Annual Report on Form 10-K for the year ended December 30, These documents are available free of charge at the SEC s website at or by visiting the Cohu Investor Relations page on its corporate website at Information regarding Xcerra s directors and executive officers and their beneficial ownership of Xcerra common stock is also set forth in Xcerra s proxy statement on Schedule 14A filed with the SEC on September 5, 2017, and in its Annual Report on Form 10-K for the year ended July 31, 2017, and is supplemented by other public filings made, and to be made, with the SEC by Xcerra. These documents are available free of charge at the SEC s website at or by visiting the Xcerra Investor Relations page on its corporate website at Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement/Prospectus regarding the proposed transaction and other relevant materials that have been or will be filed with the SEC when they become available. You may obtain copies of the documents described in the preceding sentence when they become available free of charge by visiting the SEC s website at Additional Information and Where You Can Find It: On June 21, 2018, Cohu filed with the SEC the Registration Statement containing the Joint Proxy Statement/Prospectus, which was subsequently amended on July 26, 2018, and declared effective by the SEC on July 30, The definitive Joint Proxy Statement/Prospectus was first delivered to the stockholders of Cohu and Xcerra on or around July 30, This communication is not a substitute for the Registration Statement, the definitive Joint Proxy Statement/Prospectus or any other documents that Cohu or Xcerra may file or may have filed with the SEC, or will send or have sent to stockholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of these documents and other documents filed by Cohu and Xcerra with the SEC at the SEC s website at In addition, investors and security holders may obtain free copies of the documents filed with the SEC by visiting the Cohu Investor Relations page on its corporate website at or by contacting Cohu Investor Relations by telephone at (858) or by mail at Cohu Corporate Headquarters, Crosthwaite Circle, Poway, CA 92064, attention Jeffrey D. Jones, or by visiting the Xcerra Investor Relations page on its corporate website at or by contacting Xcerra Investor Relations by telephone at (781) or by mail at Xcerra Investor Relations, Xcerra Corporation, 825 University Avenue, Norwood, MA 02062, attention Rich Yerganian. Page 24
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